This should take care of the recent negative vibes regarding Apache's alleged pull out:
APACHE ANNOUNCES FIRST CANNING BASIN OIL DISCOVERY OFFSHORE WESTERN AUSTRALIA
HOUSTON, Aug. 18, 2014 – Apache Corporation (NYSE, Nasdaq: APA) today announced an oil
discovery at the Phoenix South-1 well – the company’s first discovery in Australia’s offshore Canning
Basin.
Wireline and formation pressure tools have confirmed at least four discrete oil columns ranging
in thickness between 85 and 151 feet (26 to 46 meters) in the Triassic Lower Keraudren formation,
within an overall, sand-rich section between 13,648 and 14,763 feet below sea level (4,160 to 4,500
meters).
Six light oil samples have been recovered from three intervals to date; permeability
measurements from the sampled zones indicate a productive oil reservoir with preliminary estimates
that there might be as much as 300 million barrels of oil in place.* Evaluation of the formation
penetrated in the Phoenix South-1 is under way, and final calculation of hydrocarbon pay will depend on
additional analysis.
The Phoenix South-1 well is located in permit WA-435-P, offshore western Australia, 110 miles
(180 km) north of Port Hedland in 435 feet (133 meters) of water. Apache has a 40-percent interest and
operatorship of WA-435-P and the adjacent permit WA-437-P; co-venturers are Carnarvon Petroleum
(20 percent), Finder Exploration (20 percent) and JX Nippon (20 percent). Apache also has exercised its
option to acquire 40-percent interest and operatorship of two additional adjacent permits (WA-436-P
and WA-438-P) for a total position of more than 5 million acres (20,000 square kilometers).
The area includes a number of large, undrilled structures, including the Roc prospect on WA-
437-P, with potential to be significant additional oil accumulations. Further drilling and evaluation is
planned for 2015.
APACHE ANNOUNCES FIRST CANNING BASIN OIL DISCOVERY OFFSHORE WESTERN AUSTRALIA — PAGE 2 of 3
“Although evaluation is at an early stage, Phoenix South-1 is an exciting result,” said Thomas E.
Voytovich, Apache’s executive vice president and chief operating officer – International. “The oil and
reservoir quality we have seen point to a commercial discovery. If these results are borne out by further
appraisal drilling, Phoenix South may represent a new oil province for Australia. We look forward to
working with our partners to continue evaluation of the area.”
* Oil in place estimate based on 10th percentile probability.
About Apache
Apache Corporation is an oil and gas exploration and production company with operations in
the United States, Canada, Egypt, the United Kingdom and Australia. Apache posts announcements,
operational updates, investor information and copies of all press releases on its website,
www.apachecorp.com
Although offshore, it's right in OBL's and BRU's front yard.
